Ansal raises R230 cr through QIPs

Real estate major Ansal API has raised $52 million (Rs 230 crore) through qualified institutional placement of shares to investors. The amount exceeds the company’s expectations wherein it planned to raise $35 million but later on hiked it to $52 million.

“There was good response from both foreign as well as domestic investors who put faith in the company’s abilities to deliver projects,” a senior company executive said. The company would use the amount for repayment of its high-cost debt and execution of ongoing projects, he said.

“We are aiming to reduce our high-cost debt by R300 crore during the current fiscal year,” the executive said. The company’s total debt stood at R1,400 crore.

The company would issue shares at about Rs 90 per share. The company’s shares closed at R92 on the Bombay Stock Exchange on Wednesday.